Hello. I was trying to do a btc to nvst exchange and my order was matched and btc was taken from the wallet, but i did not receive the nvst
the order sat in pending the whole time and then became expired and my btc has not been returned to the wallet.
so at this point im not sure what to do.
Order Match 1Mmrd1SHzuz59uKxvHrJfNVRCn8ZGAPASJ sent 90 NVST
My Address #1 sent 0.018 BTC (pending BTCpay)
order details https://xchain.io/tx/1027476
This post is relevantā¦ What BTC sellers on the Counterparty Distributed Exchange need to know?
Basicallyā¦ BTC is not used on the DEX very often because it requires some additional steps when using BTC that you donāt need to take with other assets.
1.) User A lists their order to sell NVST for BTC
2.) User B lists their order to buy NVST for BTC
3.) Users A&B have their orders āmatchā on the DEX
4.) User B now has 20 blocks to pay the BTC via a BTCpay transaction, otherwise the order expires.
Most likely this is what happenedā¦ no BTCpay transaction took place, so the order expired.
Well thanks for making sense of it, however what about my btc that wasnāt returned to the wallet? Or did I just lose the btc?
I donāt think BTC is debited from your wallet until you actually send a BTCPay transaction.
Listing a BUY order of NVST for BTC shouldnāt deduct the BTC from your balanceā¦ it should just notify you that there is a matching order and give you the opportunity to pay with a BTCPay transaction (what actually sends the BTC) within 20 blocks.
I thought it did but found out it didnāt thanks for the update
this was helpful but why do i keep losing btc? i lost a bunch when i tried to set up my nvst wallet. and i just tried to trade the rest of my btc for xcp because this wallet wont let me send it anywhere, it keeps saying i donāt have enough. the trade expired but it still took a quarter of my btc. kinda seems scammy to me where is this btc going?
Counterparty is a platform that runs on top of the Bitcoin Blockchain
Anytime you want to perform a Counterparty action (Send, Place order, etc) you are required to pay a BTC fee to the bitcoin network to pay the miners to write your transaction to the blockchain.
The DEX is not like a traditional exchangeā¦ No one earns any feesā¦ all fees go directly to the bitcoin networkā¦ nothing āscammyā about itā¦ its the same thing when you buy a cup of coffee at starbucks and starbucks has to pay VISA $0.05 to use their payment networkā¦ same principleā¦ you need to PAY in order to use the services.
As far as the āDonāt have enough BTCā messageā¦ this is a simple problem which is solved by sending more Bitcoin to your address. Every bitcoin transaction requires a small fee to pay the miners. The error messages is indicating that you do not have enough BTC to cover the cost of broadcasting the message to the network.
ok that makes sense. but why do i have to lose my btc if the trade does not go thru? i have wasted a lot of btc and i still donāt understand how this works.
The problem is counterwallet does not have its own table who wants to buy and who wants to sell and only matches go through. Instead it writes micro contracts ot the blockchain for that. So if you place a buy or sell order then it is written to the blockchain which costs the fee. If someone else makes a matching order then the coins are exchanged. If not the order expires. But the fee from the initial order placing is already lost.
Workaround: When placing an order you can choose the fee and set a low fee like 0.00001 btc but it then may take many hours until the order is valid. https://bitcoinfees.earn.com/
BTC to XCP must be traded in exchanges like Bittrex. Then you can transfer XCP to counterwallet and trade against other counterparty assets which are not available at Bittrex.
thanks for the help. makes sense at least now.